Understanding Marketing Basics For Businesses | Marketing 101 - Adam Erhart

Question 1

Customer Centric by building customer avatar, based on their:

• demographic
• geographic
• psychographic

Answer 1

Customer Centric by building customer avatar, based on their:

• demographic
• geographic
• psychographic

Question 2

Competitor research:

Ask myself, Do I want to do it BETTER or DIFFERENT?

It can be a little challenging to beat sb at their own game.

I can find the areas my competitor is not focusing on and go over there doing sth a little different.

• If I’m trying to model sb else’s business, keep in mind:
  + What they’re doing now may not be what they did to get them here.
  + What they’re doing may not be working and may even be bad.
  + They could just be testing things out.

=> This is why it’s important to know my competitors but at the end of the day, I need to focus on my business and my customers.

Answer 2

Competitor research:

Ask myself, Do I want to do it BETTER or DIFFERENT?

It can be a little challenging to beat sb at their own game.

I can find the areas my competitor is not focusing on and go over there doing sth a little different.

• If I’m trying to model sb else’s business, keep in mind:
  + What they’re doing now may not be what they did to get them here.
  + What they’re doing may not be working and may even be bad.
  + They could just be testing things out.

=> This is why it’s important to know my competitors but at the end of the day, I need to focus on my business and my customers.

Question 3

4 levels of a person/ a business:
L1: Generalist: the jack-of-all-trades but does not specialise in anything. => lowest paid
L2: Specialist: focus on 1 key area
L3: Extreme specialist: Still focus on 1 key area but also specialise in a niche branch of that area.
L4: Celebrity: the Guru => highest paid.

=> The more specialised, the better and higher paid.

Answer 3

4 levels of a person/ a business:
L1: Generalist: the jack-of-all-trades but does not specialise in anything. => lowest paid
L2: Specialist: focus on 1 key area
L3: Extreme specialist: Still focus on 1 key area but also specialise in a niche branch of that area.
L4: Celebrity: the Guru => highest paid.

=> The more specialised, the better and higher paid.

Question 4

DIFFERENTIATION is super important.

Why me, and not sb else?

Answer 4

DIFFERENTIATION is super important.

Why me, and not sb else?

Question 5

Positioning:
Watch video: 6:59
https://www.youtube.com/watch?v=ZYw52nVZl_0

Answer 5

Positioning:
Watch video: 6:59
https://www.youtube.com/watch?v=ZYw52nVZl_0

Question 6

SEGMENTATION:

Identify my Segment of customers (top 20% of my customers), focus more on them, give them more value.

Answer 6

SESegmentation:

Identify my Segment of customers (top 20% of my customers), focus more on them, give them more value.

Question 7

CONCENTRATION:
focus on our most valuable product/ services that meets these criteria:
- profitable
- easy to deliver and sell
- sustainable business, not based on current trends
- should have future ability for me to delegate/ systemise so that it doesn’t require as much effort from me.

Answer 7

CONCENTRATION:
focus on our most valuable product/ services that meets these criteria:
- profitable
- easy to deliver and sell
- sustainable business, not based on current trends
- should have future ability for me to delegate/ systemise so that it doesn’t require as much effort from me.

Question 8

PRICING:
1. Cost-based pricing:
Cost + Margin = Price
2. Value-based pricing: BETTER bec Value is subjective.
Price = value customer receives.
=> This is why I need to increase the value of my products/ services.

Answer 8

PRICING:
1. Cost-based pricing:
Cost + Margin = Price
2. Value-based pricing: BETTER bec Value is subjective.
Price = value customer receives.
=> This is why I need to increase the value of my products/ services.

Question 9

MARKET MESSAGE MEDIA MATCH:
Any marketing campaign needs to match these 3 components:
- market the who
- message the what
- media the where

Answer 9

MARKET MESSAGE MEDIA MATCH:
Any marketing campaign needs to match these 3 components:
- market the who
- message the what
- media the where